ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Dubai records $3.51 billion in weeklong real estate deals
Dubai, UAE -- The real estate and properties transactions valued at 12.9 billion ($3.51 billion) in total during the week...
Business
Business
Abu Dhabi announces $100m Culinary Investment Fund
Dubai, UAE -- The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) Wednesday announced a new $100...
- DCT said the fund will support building and establishing a Culinary School to aid with recruitment, training, and other staffing resources in the sector.
- The first two recipients of the new Abu Dhabi Culinary Investment Fund would be announced in the coming months.
Business
DAE okays $300m for bond repurchase
The repurchase will be made through open market transactions.
- To date, DAE has repurchased approximately $1.13 billion of principal amount of its publicly traded bonds under the previous authorizations of $1.2 billion.
- The airplane lessor currently has approximately $3.5 billion of publicly traded bonds outstanding in the capital markets.
Business
Dubai records real estate deals worth $843 million in two days
Dubai, UAE – Dubai's real estate market recorded real estate transactions worth AED1.9 billion ($517 million) on Wednesday, Dubai Land...
- Wednesday's sales included 474 villas and apartments worth AED1.13 billion, and 31 land plots worth AED445.47 million.
- On Tuesday, the emirate recorded deals worth AED1.2 billion ($326 million) , including 433 sales transactions worth AED820.06 million
Business
UAB net profit up 80% in Q1
The bank said its total operating income grew by 5% in Q1.
- Provision charges have reduced by 91% in Q1 compared to Q1 2022 as the "bank improved its portfolio underwriting in higher quality assets and achieved higher recoveries".
- Its capital base increased by $150 million through the issuance of AT1 capital instrument which has raised the bank’s capital adequacy ratio to 19.3%.
Business
Agthia to pay $17.7m in dividends
The company paid a total of $35.56m in dividends for 2022.
- Agthia Group recently reported the Group Net revenue of AED 4.07 billion, up 33 percent YoY, while the net operating income grew 36 percent YoY.
- The Group net profit attributable to shareholders grew 14 percent YoY to AED247 million.
Economy
World Bank and Jordan sign $650 million financing pacts
Dubai, UAE -- The World Bank and Jordan have signed two financing agreements worth $650 million for the programs of...
- The first agreement includes additional financing of $ 400 million for the program of inclusive, transparent and climate-responsive investments.
- The second agreement worth $250 million includes financing the program to enhance the efficiency of the electricity sector.
Business
Saudi crowdfunding platform Jood Eskan enters Guiness World Records
Dubai, UAE -- The Charitable Jood Eskan Subscription, Saudi Arabia's campaign for providing housing for low-income families, has entered the...
- The Jood Eskan crowdfunding platform was launched in 2019 to provide housing for families in need in 2019 by the kingdom's National Developmental Housing Foundation (Sakan).
- The Charitable Jood Eskan Subscription, a campaign launched during Ramadan, realizing the highest target for an electronic charitable campaign in one month.
Business
MBME lists on ADX
The firm provides customized digitalization solutions.
- MBME Group operates the region’s largest online utility and government services payment platforms.
- It became the 14th company to list on the ADX Growth Market, which delivered robust performance last year.
Business
Jordan’s tourism income grows by 88.4 percent in first quarter
Dubai, UAE – Jordan’s tourism revenue increased by 88.4 percent in the first quarter of 2023 to reach 1.18 billion...
- The revenue reached 1.18 billion Jordanian dinars ($1.66 billion) as nearly 1.5 million tourists visited the country.
- Jordan as a whole received 4.6 million visitors in 2022 -- almost four times the level from 2020 -- earning the country $5.3 billion.
Business
ADCB-BLME partnership brings UK digital banking to UAE customers
Dubai, UAE -- Abu Dhabi Commercial Bank and its Shari’ah compliant digital banking subsidiary Al Hilal Bank have announced a...
- They can also apply for UK home financing, from their smartphones using the newly launched ADCB-Nomo and Al Hilal-Nomo banking apps.
- Abu Dhabi Commerical Bank and Al Hilal Bank sign partnership with Bank of London and the Middle East to make this service available.
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ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Company News
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OERC and Arkan partner to transport raw limestone to UAE
Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed...
Business
Saudi Crown Prince launches Ardara company to develop AlWadi
Riyadh, Saudi Arabia -- Saudi Arabia's Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud Monday announced the launch of...
Geostrategy
Funds raised by startups within TECOM Group’s in5 hub up 20%
Dubai, UAE -- in5, part of TECOM Group and an innovation and entrepreneurship hub in the region, has witnessed a...
Business
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Geostrategy
Israeli bombardment kills 2,670 in Gaza: Health ministry
Israel's strikes on the Gaza Strip have led to an "unprecedented human catastrophe" in the Palestinian territory, the United Nations...
- UN Security Council members hold difficult talks Sunday on a possible resolution over the war between Israel and Hamas, with two drafts on the negotiating table.
- Egypt, which controls the only passage in and out of Gaza not controlled by Israel, has said it plans to host a summit on the future of the Palestinian cause.
Business
Early economic measures tame Saudi inflation at 1.7% in Sept: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's Consumer Price Index (CPI) increased by 1.7 percent in September 2023, compared to September...
- CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items. The prices are collected through field visits to points of sale.
- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, the IMF said recently.
Business
Marakeb first firm to develop maritime applications in SAVI cluster
Abu Dhabi, UAE -- The Abu Dhabi Investment Office (ADIO) announced that Marakeb Technologies will become the first anchor company...
- Marakeb is a technology provider for aerial, ground, and marine applications that has developed and manufactured solutions in the UAE for the past 15 years.
- Marakeb will be able to test new technologies at the cluster’s sea testing zone in Mussafah Port, which houses a port and the Abu Dhabi Maritime Academy.